Rivista del Diritto Commerciale e del diritto generale delle Obbligazioni

Summary: 1. Introduction. – 2. The cross-border insolvency legal problems. – 2.1. Current leading principles: settling a crisis and saving a firm. – 2.2. Differences between crisis and insolvency notions. – 2.3. Comparing key aspects of domestic insolvency rules in some EU countries. – 2.4. The link between competition among legal systems, forum shopping in case of insolvency proceeding and the general freedom of establishment issue. – 2.5. The relocation of the centre of main interests (COMI): UE Court of Justice vs domestic Courts – 2.6 Some considerations about positive aspects of the COMI transfer and creditors’ protection. – 3. Empirical analysis. – 3.1. The estimation strategy. – 3.2. Data description. – 3.3 The variables. – 3.3.1. Firm-specific variables. – 3.2.2. Industry-specific variables. – 4. Estimation results. – 4.1. The baseline results. – 4.2 Does the legal environment matter for firms’ death and survival. – 5. Conclusion. ... Authors: Filippo Reganati, Claudia Tedeschi, Rosanna Pittiglio